National Republican., 1887-09-21

OF the country. There Is no party
politics I'm this, but there is abundance of
national politics in its broadest sense, be-
cause It affects all material industries"
Congressman and Banker s. V. White
said "1here is q great scarcity of money
at the present time for Legitimate trade,
and, strange as it may seem, Wall street,
while II has discounted this strngency in
the commercial world has not been troubled
to get money at fair rates and in quind-
ties sufficient to meet the requirements Of
Its business. The explanation Of that fact
is, that the banks have been afraid to make
time engagements, while on call they ha
funds to lend. A merchant cannot do
business on call money, and SO the aid
which should have legltimately gone to
merchants has been withheld and givoa
over to the Wall street men to trade on"
The Hon. Roswell z. Flower said "Witn
the government receiving 81 100000 day
and paying out $4,000 to $50O,OOO the
business men Of the country fear that there
may be lack Of money. The merchants
are handling more goods than usual at this
time Of the year"
Mr.. William L. Bull, OF Edward Sweet IS
Co., said: "There is not the slightest doubt
about there being lack OF money for mer-
camille pursuits, Wall street brokers have
not suffered. They can get money when
merchants cannot In my opinion Secre-
tary Fairchlld should issue more liberal
programme. The merchants have
to contend not only with the natural de-
mands for money, but with the treasury
Absorption
One OF the firm OF j. J. Selgman said:
"There is not as much money as there should
be. The banks are lending what money
they can spare to Wall street men at per
cent. on call. The banks can call II at any
time, and that is much better than lending
it to merchants at four months. This has
been one Of the causes for tight money
among merchants"
Mr.. T. w. Pearsall, of 7. W. Pearsall &
Co., said: "There is an absolute striugeucy
| Of money for business purposes, which is
| aggravated by the conservative course
adopted by large loaning institutions, the
banks and trust companies. These institu-
| tions are unable to accommodate the mer-
camille community. The conservatism Of
the leading institutions is induced by the
constant accumulation of funds by the gov
ernment. Until there is some definite
action to relieve the apprehension growing
| out Of the conservatism the stringency will
| continue
Mr.. Frederick p. Olcott, president OF the
| Central Trust Company, said; "Money for
legitimate business uses is very scarce.
We want more money. 1t must either come
by importing gold or 1t must come out OF
the United States treasury. would get II
out Of the treasury by buying currency 6s
and Is as well as ~ per cent. bonds.
Another Udy, not erdctly legali=ed, but NOR
ally so in case Of great etigcacH w1V!a be tor
the government 10 lend money on any issue Of
its bonds For instance, large corporation,
are compelled TO hold large amounts Of gov-
ernment bonds, the interest on which does not
pay orer q per cent. 10 The purchaser. II
The government WOAd lend at 3per cent. on
them the money could be distributed, aud
besides, The government would begetting inter
est on its surplus. This might not be a gooC
policy except in an ertrcme emergency such a
no,U erists. Jelieve that ertreme measure
are necessary at The moment"
Mr.. Jacob ID. Vermiye, president OF thI
Merchants National Bank, said: "There IL
great lack of ready money. The big trad,
with the west, especially at this season o.
the year, has taken great deal from us
9 The S4,OOO,OOO Secretary Farchllt
bought the other day is but drop In thu
bucket, so far as easing up the market fol
money for legitimate purposes"
MIR. Chas. NJ. Fry, president Of the Ma
tional Bank Of New York, said: A" There Il
larger demand for ready money from al
parts Of the country than the banks cal
supply. The relief9 Only the UnItsi
States treasury; that's what We are all look
ing to.n
Mr.. Edmund d. Randolph, president o
the Continental National Bank, said: ether
is decided lack of money for legitImat
business; in fact, 1t is in that quarter tina
the pinch is most severely felt through tn,
curtailment OF the market for commercia
paper. The local banks are discounting a
literally as they can consistently wit
steadily declining deposits. Mean
while relief must come from the bono pun
chasers by the treasury, which would b
| |
, gency or from importations OF specie,
continuance Of which is promised by tn
look Of foreign exchanges"
/ Mr.. Edmund w. Corliss, vice president @
, the State Bank Of America, said: "There
a an apparent lack Of money. Tn
a relief must come from the treasury, an
, that can only be accomplished In the moo
crate way by which the Secretary is PR
ceeding."
y Mr.. Harris G. Fahnestock, OF the Flrt
: National Bank, said "There Is uniyers
I scarcity of money among mercantile mel
/ 8 The Secretary fails to recognia
the seriousness of the situation. He is a
uncommercial man. A broader financ
: spirit should be shown"
, Mr.. George s. Coe, president of the Anne
q lean Exchange National Bank, said "a
: present there is great scarcity OF moae
: among merchants and the business CON
F., munity generally. There is, in fact, q d,
' cided lack of money"
I Mr.. Alfred p. Dix, of Dix & Phyfe, th
} dealersin commercial paper, said "there wi
plenty Of mercantile paper offering, an
:, that the offerings do not sell as cheaply
2 TO 2t per cent. as che rates In last Eel
Z ruary.n
Mr.. j. Plerpont Morgan said; eth
, merchants are undoubtedly In need ,
Q money. Trade with them is very pro
pcrOus."
, With the above should be read the 70
, lowing dispatch to the Philadelphia Pres,
NEW YORK, Sept. 10 Tho money questic
has become uppermost in Wall street, but
ex-President Hatch, of The stock exchang
r said this afternoon: "Thus far Wall street HI
J. been under the shadow Of tight money; 1t hi
g yet TO meet 1t face to face"
4 The bankers and business men general